Tech Firms Turn to Debt

SAP, Adobe Among Those Selling Bonds for the First Time as They Build War Chests for Deals

By

Ben Worthen

Updated April 20, 2010 12:01 a.m. ET

A growing number of technology companies are turning to debt to raise capital, taking advantage of the thawing credit markets to build their war chests in anticipation of a wave of dealmaking.

Software companies including SAP AG, Adobe Systems Inc. and Salesforce.com Inc. have recently raised several billion dollars by selling debt for the first time in their histories. The moves follow similar offerings over the past year from...